Answered step by step
Verified Expert Solution
Question
1 Approved Answer
prepare trading, profit and loss account and balance sheet for this above question F-45 7) The following balances appeared in the books of a merchant
prepare trading, profit and loss account and balance sheet for this above question
F-45 7) The following balances appeared in the books of a merchant on 31st December, 2013. the following matters. a) Stock on 31st December 2013 amounted to 15,500 . b) Depreciation on Motor Trucks 20% and Furniture 10\%. c) Write off further amount of 100 as bad debts and maintain the bad debts reserve at 5% on debtors. d) Unexpired insurance 150 . e) Interest accrued on investments 120. (Ans. Gross Profit 34,887; Net Profit 24,077; Balance Sheet Total 1,41,859 )Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started